Five steps to digital success in insurance

Overview

With global average investments in digital technologies of around US$45 million per company in the last three years, the insurance industry is lagging other industries, both in its level of digitalization and in its ability to realize financial returns on its digital investments.

Accenture cross-industry research identified a significant gap between those insurance companies with strong digital and financial performance and those that were digitally savvy but had failed to achieve the anticipated financial rewards.

Since digital technologies lie at the heart of insurance’s future growth potential, insurance leaders must make sure their digital investments multiply value creation.

Equate digital with driving value: High performers show a 64 percent improvement on digital leaders in terms of revenue growth, and a 48 percent difference on profitability (return on equity).

Apply a digital multiplier: Some insurers are successfully applying digital investments to increase gains from the current business and help build a sustainable future.

Balance investments across all digital dimensions: Insurers see digital as a key component of their growth strategies, and often have devised a partial plan on how to integrate digital activities into their businesses.

"As winning insurers show, digital high
performance is less about tactical, short-term investments and more about having the right capabilities, enabled by digital, to reduce local dependencies, streamline the core business and move them from risk to reward."

About the research

Accenture developed the Digital Performance Index based on a study of 343 leading global companies across eight industries. The Index quantitatively assesses the level of digital investment and progress across four business functions:

Digital strategy (Plan): How digital trends are reflected in strategic plans and implementation.

Digital production and delivery (Make): The use of digital technology in innovation, production and delivery.

Digital corporate culture and operations (Manage): The presence of digital technology and mind-set in corporate culture and internal operations.

Who we are

Jean-François Gasc is the managing director Accenture Strategy for insurance Europe, Africa and Latin America. Since joining Accenture in 1985, Gasc has focused on insurance since 1995. He is leading work at major insurance groups in France, Belgium, the Netherlands and Luxembourg in the areas of life consolidation and transformation, health insurance consolidation and replatforming, merger and post-merger integration, property and casualty industrialization, Solvency II, and CRM and multichannel management. Gasc holds a degree from the Paris Institute of Political Studies and a master’s degree in business administration from the Institut Supérieur des Affaires.

Bertrand Fournier is a senior manager in Business Strategy. His role focuses on helping insurance companies in France to transform their businesses to achieve growth and value. His areas of expertise include visioning and strategy definition, digital distribution and connected insurance. Bertrand is based in Paris, France.

Jean-François Gasc is the managing director Accenture Strategy for insurance Europe, Africa and Latin America. Since joining Accenture in 1985, Gasc has focused on insurance since 1995. He is leading work at major insurance groups in France, Belgium, the Netherlands and Luxembourg in the areas of life consolidation and transformation, health insurance consolidation and replatforming, merger and post-merger integration, property and casualty industrialization, Solvency II, and CRM and multichannel management. Gasc holds a degree from the Paris Institute of Political Studies and a master’s degree in business administration from the Institut Supérieur des Affaires.

Bertrand Fournier is a senior manager in Business Strategy. His role focuses on helping insurance companies in France to transform their businesses to achieve growth and value. His areas of expertise include visioning and strategy definition, digital distribution and connected insurance. Bertrand is based in Paris, France.

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